When Divorcing, Review Your Estate Plan
Even when a divorce is amicable it is difficult. Life changes can be stressful, and during the divorce process many things are changing at once. While it is common to solely focus on the day-to-day planning of a divorce to stay focused and not become overwhelmed, the truth is long-term documents will need to be addressed as well.
Estate plans are part of a person’s goals in life and the documents should be assessed every few years at the best of times. And when there are huge life shifts, such as a divorce, updating documents becomes even more important. To strategize how to secure the divorce agreement you want now and plan which document changes need to be legally changed, talk to an experienced Orlando divorce lawyer.
Which Documents Will I Need to Revise?
Every individual and their families have their own priorities and goals. Because of this, what documents you will need to update, and if minor or major changes will be required, will depend on your unique situation. That said, it is worth reviewing the entire estate plan document list to be sure you have taken care of everything that is important to you.
- Life insurance policies
- Power of attorney privileges and beneficiaries
- Wills and trusts
- Prenuptial agreements
- Postnuptial agreements
- Child guardian responsibilities
- Healthcare proxies
- Memorial requests
- Account password lists
While not part of your official estate plan, reviewing these documents could result in you updating paperwork with the human resources department at your workplace. For example, many have life insurance and retirement investment accounts through their employer, you may want to update the beneficiary on those accounts.
What If I Have Guardianship Expectations?
If children are part of a family, guardianship requirements and how assets will be handled needs to be clear if one of the parents passed away. For instance, there are situations in which a sole guardian does not want their children to live with the other parent, specifically when parental rights have been limited due to a specific concern. Or, maybe you are comfortable having your children live with your ex but you want any assets you leave to your kids to be in a trust until they are adults, an account that can’t be accessed by your ex.
An Orlando divorce lawyer can help you develop a comprehensive plan for yourself and the family members you want to support, including fighting for the divorce agreement you need.
Could you use a list of all the legal documents that will need to be updated when you divorce? There are a range of documents that will need to be reviewed and altered. Thankfully, there are professionals who can guide you through the process. Bring all of your questions to the seasoned family law attorneys at Donna Hung Law. Our attorneys will inform you of next steps and strategize a path to secure the asset allocation you are hoping for once your divorce is finalized. Then, in your estate plan, you can leave those assets to whomever you choose. To get started, call 407-999-0099 or contact us online to schedule an initial evaluation.